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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2022
FAIR VALUE MEASUREMENT |
Schedule of fair value assets measured on recurring basis | Assets measured at fair value on a recurring basis are summarized below (in millions):
|  | Fair Value Measurement at December 31, 2021 Using |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at December 31, 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial products (Note 2, 7) |  |  | — |  |  |  | 22,857 |  |  |  | — |  |  |  | 22,857 |  |  |  | 3,587 |
Time deposits (Note 2, 7) |  |  | — |  |  |  | 19,807 |  |  |  | — |  |  |  | 19,807 |  |  |  | 3,108 |
Financial instruments (Note 2) |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 14 |  |  |  | 2 |
Equity securities (Note 7) |  |  | 8,571 |  |  |  | — |  |  |  | — |  |  |  | 8,571 |  |  |  | 1,345 |
Available-for-sale debt investments (Note 7) |  |  | — |  |  |  | — |  |  |  | 3,354 |  |  |  | 3,354 |  |  |  | 526 |
Total Assets |  |  | 8,571 |  |  |  | 42,678 |  |  |  | 3,354 |  |  |  | 54,603 |  |  |  | 8,568 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchangeable senior notes (Note 17) |  |  | — |  |  |  | 3,791 |  |  |  | — |  |  |  | 3,791 |  |  |  | 595 |
Financial instruments (Note 2) |  |  | — |  |  |  | 39 |  |  |  | — |  |  |  | 39 |  |  |  | 6 |
Total Liabilities |  |  | — |  |  |  | 3,830 |  |  |  | — |  |  |  | 3,830 |  |  |  | 601 |
|  | Fair Value Measurement at December 31, 2022 Using |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value at December 31, 2022 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial products (Note 2, 7) |  |  | — |  |  |  | 15,893 |  |  |  | — |  |  |  | 15,893 |  |  |  | 2,304 |
Time deposits (Note 2, 7) |  |  | — |  |  |  | 25,166 |  |  |  | — |  |  |  | 25,166 |  |  |  | 3,649 |
Financial instruments (Note 2) |  |  | — |  |  |  | 70 |  |  |  | 48 |  |  |  | 118 |  |  |  | 17 |
Equity securities (Note 7) |  |  | 11,934 |  |  |  | — |  |  |  | — |  |  |  | 11,934 |  |  |  | 1,730 |
Available-for-sale debt investments (Note 7) |  |  | — |  |  |  | — |  |  |  | 2,601 |  |  |  | 2,601 |  |  |  | 377 |
Total Assets |  |  | 11,934 |  |  |  | 41,129 |  |  |  | 2,649 |  |  |  | 55,712 |  |  |  | 8,077 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchangeable senior notes (Note 17) |  |  | — |  |  |  | 4,204 |  |  |  | — |  |  |  | 4,204 |  |  |  | 610 |
Financial instruments (Note 2) |  |  | — |  |  |  | 84 |  |  |  | — |  |  |  | 84 |  |  |  | 12 |
Total Liabilities |  |  | — |  |  |  | 4,288 |  |  |  | — |  |  |  | 4,288 |  |  |  | 622 |
Schedule of roll forward of major Level 3 Investments | The roll forward of major Level 3 I nvestments are as follows (RMB in millions):
|  | Total |
Fair value of Level 3 Investments as at December 31, 2020 |  |  | 2,856 |
Transfer into Level 3 |  |  | (35 | )
New addition |  |  | 704 |
Disposal of investments |  |  | (66 | )
Effect of exchange rate change |  |  | (44 | )
The change in fair value of the investments |  |  | (61 | )
Fair value of Level 3 Investments as at December 31, 2021 |  |  | 3,354 |
New addition |  |  | 86 |
Disposal of investments |  |  | (28 | )
Effect of exchange rate change |  |  | 152 |
Expected credit losses |  |  | (906 | )
The change in fair value of the investments |  |  | (57 | )
Fair value of Level 3 Investments as at December 31, 2022 |  |  | 2,601 |
Schedule of significant unobservable inputs adopted in the valuation | The significant unobservable inputs adopted in the valuation as of December 31, 2022 are as follows:
Unobservable Input |  |
Revenue growth rate |  | 2.5%-100%
Weighted average cost of capital |  | 13.5%-21%
Lack of marketability discount |  | 15%-30%
Expected volatility |  | 41%-68.05%
Probability |  | Liquidation scenario: 30% - 100% Redemption scenario: 10%- 45% IPO scenario: 0%~40%

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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